• The Freight Connection Inc. Balance Sheet
• The Freight Connection Inc. Statements Of Income

TAMPA, Fla. -- (BUSINESS WIRE)-- March 1, 1999 -- The Freight Connection Inc. (OTC BB:TFCN - news; TFC), an intermodal marketing company (IMC) and transportation broker, Monday announced operating results for the fourth quarter and year ended Dec. 31, 1998.

Revenues for the 1998 fourth quarter were a record $7.43 million, compared to $6.44 million in the 1997 fourth quarter, and increase of 15%. Net revenues for the three months ended Dec. 31, 1998 rose 3% to $602,000 compared to $583,000 for the prior year period. The company had net income for the 1998 fourth quarter of $20,000, or $.00 per share compared to net income of $164,000, or $.03 per share for the comparable 1997 period. Per share results are based on 4,825,630 weighted average shares outstanding for both periods.

Revenues for the year ended Dec. 31, 1998 rose 7% to a record $28.09 million, compared to $26.33 million for the comparable period in 1997. The revenue growth was impacted by poor rail service during the year, which resulted in equipment shortage in certain lanes. Despite the market conditions, revenues increased from the prior year due to the company's ongoing sales efforts and the contributions made by its new offices during the year ended Dec. 31, 1998. The company is also developing its highway brokerage division in order to provide viable alternatives to its customers. Net revenue for the year ended Dec. 31, 1998 was $2,614,000, up 10% from $2,386,000 for the comparable period in 1997. Net income was $177,000 for the year ended Dec. 31, 1998, compared to $465,000 for the year-ago period. The start-up expenses associated with opening the new offices impacted 1998 earnings. Earnings per share were $.04 and $.10 for the years ended Dec. 31, 1998 and 1997, respectively, based upon 4,825,630 weighted average shares outstanding. Management of the company believes that revenues will continue to improve and more contribution will come from the new offices as they mature in 1999.

The Freight Connection is an intermodal marketing company (IMC) and transportation broker, servicing clients throughout North America from its Tampa (headquarters), Atlanta, Los Angeles, San Francisco, Chicago and Minneapolis offices. TFC is an 81% subsidiary of Vitran Corp. Inc. (Nasdaq: VTNAF - news; TSE: VTN.A - news), a multi-service North American transportation firm. The TFC headquarters can be reached at 813/854-1500 or 800/332-5004.

This news announcement contains certain forward looking information that is subject to certain risks and uncertainties as indicated from time to time in the company's 10-K and other filings with the Securities and Exchange Commission. Included among these risks and uncertainties are the future performance of the economy, competitive and pricing pressures, and other factors impacting the transportation industry.

The Freight Connection Inc.
Balance Sheet
December  31, 1998 (audited)
(in thousands of  dollars)

The Freight Connection Inc.
Statements Of Income
( Select information)
(in thousands, except share and per share amounts)